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home > free resources > hr newsletter Investing in reducing workers comp claimscould be your best investmentworkers Compensation is starting to seriously injure companies
"I'm gonna sue! I have my rights!" We are a litigious society; we like to sue. We sue so much, that the rest of the world sees us as a nation of whiners. Part of the problem is that as a culture, we like to blame others for our misfortunes so often that it is hard to tell when a true injustice has been done. workers compensation costs have skyrocketed in the past years combined with the current economic climate, the squeeze on employers is making businesses scream so loud the government has heard it. Many states have initiated legislation to cap workers compensation claims. However, clearly, another government program is not going to be the final solution. Looking for a great investment? A study done a few years ago by Liberty Mutual Insurance stated that 95% of over 200 business executives surveyed, representing over 1,000 employees, believe that corporate safety programs will provided a positive return on the investment and 61% believed the return is more than three dollars to the bottom line for every dollar invested. Further, workman’s comp losses grow worse each year with the rapidly escalating cost of health care. However, the direct cost of health care is only part of the expense; indirect costs such as lost productivity, training replacements, and overtime costs run three to five dollars for every dollar of direct costs paid to employees and their medical care professionals. Moreover, the direct costs of injuries on the job have grown more than fifty percent in the past three years, according to the Insurance Information Institute. With those costs getting worse every year, now would be an excellent time to invest in employee safety programs, especially around jobs requiring repetitive motion. Repetitive motion jobs are significantly more prone to accidents and injuries. At the present time, most companies are not growing much, employment rates are down all over the nation, and overall spending is down while many costs are up. Not too many activities can help much, but cutting down on accidents and injury expense through better safety training and better work environments is a way that helps companies save money and protects their employees at the same time. Is your workplace all that safe? In many cases, safe means comfortable. Ergonomics actually plays a greater role in workplace safety than most people would think. Making the workplace as close to accident free as possible may mean adjusting some processes or work stations to be more comfortable to use. Do your employees work in ergonomically-sound environments? The attention paid to ergonomics works and can be substantiated. Take a walk around your company’s work sites and look at potential problems. Be realistic about what kind of injuries could happen. Then, have someone, like CBR, with previous experience in workplace safety consulting take a walk with you. You may be surprised at what you missed. There may be a workers comp claim just waiting to happen. Your HR Outsourcing company can help. For example, CBR has experienced workers comp and risk reduction professionals that can help you reduce your risk and re-capture the previous loss experiences into future returns on investment.
For more information about how we can help you with your Human Resources and hiring processes, call us at 888-700-8512, request a proposal or contact us.
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Increasing workers comp costs getting you down? Have you ever evaluated other carriers to see if you can reduce the cost of your workers comp coverage? Did you get the results you wanted? Maybe you were looking in the wrong place. The answer to the rising cost of workers compensation payments is not in the cost of supplying the coverage; the answer lies in the prevention of industrial accidents and injuries within your business. 
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